SOLUSDT SPOTLong
Solana Meets Support, Turns Bullish —Lower Or Higher Next?
Solana has been bearish for exactly 1 month, since 19-January.
Here we have a very steep decline. This decline is reaching its end.
The same dynamic with Bitcoin and Dogecoin, notice the disparity between the price action and the volume.
The red candle 19-January has really high volume.
The red candle that marked the last low, 18-February, has much lower volume. So we have a lower volume lower low. Where are the bears? If they are around, they are lacking force.
No bears or weak bears we like because we are bulls.
A steep decline will be balanced out by a strong parabolic rise.
Notice the peak in November 2024 produced a correction that was almost twice as long, it was followed by an advance. The fact that we have such a strong and steep decline means that the market is ready to change. This market behavior reveals that traders are not really bearish on Solana, no!, the whales are trying to shakeout weak hands and liquidating over-leveraged positions, that is what the chart says.
It is more likely than not, that this objective has been complete. Which means that we are no longer bearish.
Let's focus on the chart.
The 0.618 Fib. retracement level is a strong support. This is the blue line on the chart.
This level is relative to the bullish wave that developed between August and November 2024.
The correction took SOLUSDT below this level on a wick. The sessions that wicked lower were the 18th and 19th February, both days closed above this level. This is telling us that buyers showed up.
Coincidentally, this is the exact same level at which SOLUSDT in January 13, found support.
This is also the level that launched an advance from $155 to $264. So this level is very important and so far it holds as support.
This can mean that the low is in, next we are going up.
This is the chart.
Now, things can change and the market can fluctuate and even produce a lower low. I am not of this opinion but this is a possibility, here marked purple as 0.786 Fib. retracement.
If there is another drop this level can be tested next but, looking at the low volume, how the previous days closed above this level and marketwide action, we are going up next.
I don't like to commit myself so just in case prices drop I can say that I was right rather than wrong.
But I don't mind being committed; the bottom is in, we are going up.
That's my opinion based on marketwide action and the chart.
Now, market conditions can always change, so make sure to prepare for all scenarios if you decide to trade.
I love you.
Your support is truly appreciated.
It is my pleasure to write for you again today.
Thanks a lot for your continued support.
I'll meet you on the next chart.
Namaste.
Here we have a very steep decline. This decline is reaching its end.
The same dynamic with Bitcoin and Dogecoin, notice the disparity between the price action and the volume.
The red candle 19-January has really high volume.
The red candle that marked the last low, 18-February, has much lower volume. So we have a lower volume lower low. Where are the bears? If they are around, they are lacking force.
No bears or weak bears we like because we are bulls.
A steep decline will be balanced out by a strong parabolic rise.
Notice the peak in November 2024 produced a correction that was almost twice as long, it was followed by an advance. The fact that we have such a strong and steep decline means that the market is ready to change. This market behavior reveals that traders are not really bearish on Solana, no!, the whales are trying to shakeout weak hands and liquidating over-leveraged positions, that is what the chart says.
It is more likely than not, that this objective has been complete. Which means that we are no longer bearish.
Let's focus on the chart.
The 0.618 Fib. retracement level is a strong support. This is the blue line on the chart.
This level is relative to the bullish wave that developed between August and November 2024.
The correction took SOLUSDT below this level on a wick. The sessions that wicked lower were the 18th and 19th February, both days closed above this level. This is telling us that buyers showed up.
Coincidentally, this is the exact same level at which SOLUSDT in January 13, found support.
This is also the level that launched an advance from $155 to $264. So this level is very important and so far it holds as support.
This can mean that the low is in, next we are going up.
This is the chart.
Now, things can change and the market can fluctuate and even produce a lower low. I am not of this opinion but this is a possibility, here marked purple as 0.786 Fib. retracement.
If there is another drop this level can be tested next but, looking at the low volume, how the previous days closed above this level and marketwide action, we are going up next.
I don't like to commit myself so just in case prices drop I can say that I was right rather than wrong.
But I don't mind being committed; the bottom is in, we are going up.
That's my opinion based on marketwide action and the chart.
Now, market conditions can always change, so make sure to prepare for all scenarios if you decide to trade.
I love you.
Your support is truly appreciated.
It is my pleasure to write for you again today.
Thanks a lot for your continued support.
I'll meet you on the next chart.
Namaste.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🚨 Long-term Success & Freedom Available Now! (Avoid Mistakes) —PREMIUM Channels 👉 lamatrades.com (Since 2017)
🥇 9999% Results
t.me/alansantana1111/5935
t.me/anandatrades/971
🏆 FREE Trade-numbers
anandatrades.com
🥇 9999% Results
t.me/alansantana1111/5935
t.me/anandatrades/971
🏆 FREE Trade-numbers
anandatrades.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.